Pathway Power Finalizes $150 Million Funding from AB CarVal to Finalize Development of Battery Storage Assets

SAN DIEGO, June 5, 2026 /PRNewswire/ -- Pathway Power has finalized a $150 million, senior-secured, finance facility from funds managed by AB CarVal. The funding will support late-stage development needs, including interconnection, PPA, equipment deposits and other pre-construction and construction equity costs for Pathway Power's portfolio of U.S. hybrid and storage assets.

"We are excited to collaborate with AB CarVal as our facility lender," said Jam Attari, CEO with Pathway Power. "Their deep expertise in renewable energy finance and confidence in our pipeline are meaningful validation of our project fundamentals and approach to building clean energy capacity. We look forward to putting that capital to work."

"We believe Pathway's strong pipeline of hybrid solar and energy-storage assets are set to provide generation and grid stability in critical RTO's including SPP and MISO," said Alex Flamm, managing director with AB CarVal. "We are pleased to work with Pathway Power to finance a mix of advanced stage assets that are expected to help address load growth in these markets including from data centers and reshoring. We look forward to seeing these projects break ground in the coming months."

This financing from funds managed by AB CarVal closed concurrently with a separate equity investment in Pathway Power.

Pathway Power, founded in 2022, is headquartered in San Diego, California. The company's pipeline comprises 13 hybrid and battery energy-storage system (BESS) projects totaling ~3.2 GWac across the U.S. Its management team has completed over 70 mergers and acquisitions and developed 40 GW of projects over the prior two decades.

Norton Rose Fullbright represented AB CarVal in the transaction.

About Pathway Power, LLC
Pathway Power develops flexible, utility-scale hybrid and storage projects across U.S. RTO markets — purpose-built for large load customers, utilities, and grid operators, and grounded in domestic development, labor, and investment. For more information, visit www.pathway-power.com.

About AB CarVal
AB CarVal is an established global alternative investment manager and part of AllianceBernstein's Private Alternatives business. Since 1987, AB CarVal's team has navigated through ever-changing credit market cycles, opportunistically investing $161 billion in 5,895 transactions across 82 countries. Today, AB CarVal has approximately $22 billion in assets under management.* Since 2017, AB CarVal has deployed over $4.5 billion in energy transition investments. For more information, visit www.abcarval.com.

Media contact: Anna Lovely ([email protected])

*AUM is comprised of fee-earning AUM and fee-eligible AUM. Fee-earning AUM includes those assets currently qualified to generate management fees. Fee-eligible AUM includes capital that is committed to an AB CarVal Fund but is currently uncalled or recallable. The number represented here excludes assets under AB CarVal's management that are not generating management fees due to the maturity of the Fund but includes amounts that do not generate management fees solely due to AB CarVal's decision not to charge management fees.

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SOURCE AB CarVal